Gold jewelry seen in a shop in HCMC. Photo by VnExpress/Quynh Tran
Vietnam gold prices rose Saturday morning following a gain of the precious metal on global markets, driven by a weaker dollar.
Saigon Jewelry Company gold bar went up 1.02% to VND148.5 million (US$5,646.42) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring increased by 1.02% to VND148.3 million per tael. Gold prices in Vietnam have fallen 2.8% so far this year.
Globally gold rose on Friday as the dollar weakened and expectations of U.S. interest rate hikes eased slightly following inflation data, though prices were still on track for a fourth consecutive weekly decline, Reuters reported.
Spot gold was up 1.3% at $4,077.64 per ounce. The U.S. dollar eased from recent highs after the release of the Fed’s preferred inflation gauge on Thursday.
Gold is seeing a modest rebound after coming under selling pressure earlier this week, said Jim Wyckoff, a market analyst at American Gold Exchange.
Higher interest rates and tighter monetary policy reduce the appeal of non-yielding bullion, as they tend to boost bond yields and increase returns on interest-bearing assets.
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